*  •£ 


Li 


DESCRIPTION 


OF  THE 

Chesapeake  and  Ohio 

Railway, 

ANI>  OF  ITS 

IMPROVEMENTS  AND  CONNECTIONS, 

NOW  IN  PROGRESS,  WITH 


/////  Particulars  C oncer  Ring  the  Securities 

of  the  Company. 

- ♦—*  — ♦ - 


NOVEMBER  1st,  IS  80 


'■>'  •  :1pw- 


G 


A 


DESCRIPTION 


OF  THE 


Railway 


AND  OF  ITS 


Improvements  and  Connections, 

NOW  IN  PROGRESS,  WITH 


FULL  PARTICULARS  CONCERNING  THE  SECURITIES 

OF  THE  COMPANY. 


November  1,  i860. 


The  revival  of  business  throughout  the  country, 
and  returning  prosperity  in  industrial  and  commer¬ 
cial  interests  generally ,  and  more  especially  in  iron, 
coal,  lumber,  and  kindred  industries,  to  which  the 
natural  resources  of  the  country  tributary  to  the 
line  of  THE  CHESAPEAKE  AND  OHIO  RAILWAY 
bear  so  important  a  relation ;  together  with  the 
arrangements  which  have  been  made  for  perfecting 
its  rail  connections  and  terminal  facilities,  and  for 
fulfilling  its  original  design  as  a  short,  low  grade 
trunk  line  from  the  West  to  the  Atlantic  Coast,  are 
now  bringing  this  road  into  great  prominence,  and  at¬ 
tracting  to  it  the  attention  which,  in  consideration 
of  its  important  advantages ,  and  the  relations  which 
it  is  destined  to  bear  to  the  industrial  and  transporta¬ 
tion  interests  of  the  country,  it  merits. 

To  answer  in  convenient  form  the  numerous  in¬ 
quiries  addressed  to  us  with  reference  to  the  pre¬ 
sent  condition  and  traffic  of  the  road,  the  improve¬ 
ments,  and  connections  now  in '  progress,  and  for 
information  concerning  the  securities  of  the  Com¬ 
pany,  we  have  prepared  the  following  statement. 

We  trust  that  it  will  be  found  to  contain  the 
information  sought  for  by  those  whose  inquiries  in 
person  and  by  mail  it  is  designed  to  answer. 

Very  respectfully, 

FISK  &  HATCH. 

New  York,  November  1,  1880. 


59042 


BOARD  OF  DIRECTORS 


OF  THE 


C.  P.  Huntington,  - 
A.  A.  Low, 

A.  S.  Hatch, 

Elias  S.  Higgins, 
John  Castree  - 
Jesse  Hoyt,  - 
A.  E.  Orr, 

Ezra  Wheeler, 
Edward  T.  Tournier, 
Wms  C.  Wickham, 
John  Echols, 


-  New  York. 
(A.  A.  Low  &  Bros.,) 

(Fisk  &  Hatch,) 


-  (Jesse  Hoyt  &  Co.,) 

(David  Dows  &  Co.,) 

(Ezra  Wheeler  &  Co.,) 

4  4 

Virginia. 


C.  P.  HUNTINGTON ,  President. 

A.  S.  HATCH ,  First  Vice- Pres.  WMS.  C.  WICKHAM ,  Second  Vice- Pres 
E.  T.  TOURNIER ,  Secretary  and  Treasurer. 


Executive  Offices  in  New  York,  -  No.  9  Nassau  Street. 

General  Offices  Transportation  Department,  -  -  Richmond,  Va. 

Eastern  Freight  and  Passenger  Office,  -  No.  22q  Broadway,  N.  Y. 
Coal,  Lumber,  and  Shipping  Agency,  -  -  No.  22  Pine  St.,  N.  Y. 
Transfer  Office,  ....  No.  9  Nassau  Street,  N.  Y. 
Registrar  of  the  Stock,  -  The  Central  Trust  Company,  N.  Y. 


The  Chesapeake  and  Ohio  Railway. 


The  very  important  progress  that  has  been  made 
within  the  past  few  months,  toward  perfecting  the  con¬ 
nections  and  terminal  facilities  of  the  Chesapeake  and 
Ohio  Railway,  will  be  seen  from  the  following  statement : 


The  Chesapeake  and  Ohio  Railway,  as  now  com¬ 
pleted  and  in  operation,  is  432  miles  in  length,  traversing 
from  east  to  west  the  States  of  Virginia  and  West 
Virginia. 

It  extends  from  Richmond,  Virginia,  to  the  west 
bank  of  the  Big  Sandy  River  (the  boundary  line  between 
the  States  of  West  Virginia  and  Kentucky),  where  it 
forms  a  junction  with  the  Elizabethtown,  Lexington  and 
Big  Sandy  Railroad,  now  being  rapidly  constructed  to 
form  the  connecting  link,  ma  Lexington,  Kentucky, 
between  the  Chesapeake  and  Ohio  and  the  railroads  of 
the  West  and  Southwest. 

In  addition  to  its  432  miles  of  main  line,  it  has 
over  100  miles  of  branches  to  Coal  and  Iron  Mines, 
and  sidings,  making  a  total  track  of  about  540  miles. 

Eastern  Termini. 

Its  eastern  terminus  heretofore  has  been  at  the  City 
of  Richmond,  with  an  extension  to  the  James  River, 
about  two  miles  below  the  city,  where  it  has  a  mile  of 
water  front,  with  wharves  and  other  facilities  for  the 
transhipment  of  coal,  lumber  and  general  merchandise, 


6 


Chesapeake  and  Ohio  Railway. 

and  where  vessels  drawing  fifteen  feet  of  water  can  re¬ 
ceive  and  discharge  their  cargoes. 

The  Company  have  made  arrangements  for  the  imme¬ 
diate  construction  of  a  road  from  their  present  line  near 
Richmond  down  the  Peninsula,  between  the  York  and 
James  Rivers,  to  Newport  News,  which  is  located  on  the 
deep  waters  of  the  Chesapeake  Bay,  at  Hampton  Roads, 
near  the  Capes  of  Virginia  and  the  open  sea. 

Ample  means  have  been  provided  for  the  construc¬ 
tion  of  this  road  and  for  the  erection  of  wharves  and 
warehouses  at  Newport  News,  and  the  work  will  be  com¬ 
menced  at  once,  and  completed  within  the  next  six 
months. 

The  length  of  road  required  to  be  built  for  this  pur¬ 
pose  is  about  75  miles.  As  the  route  lies  through  a  level, 
tide-water  country,  it  can  be  rapidly  built.  When  com¬ 
pleted  it  will  bring  the  eastern  terminus  of  the  Chesa¬ 
peake  and  Ohio  system  to  the  best  harbor,  and  the  most 
convenient  and  accessible  shipping  port,  on  the  Atlantic 
coast,  where  vessels  of  the  largest  capacity  can  arrive, 
load,  and  depart,  at  all  seasons,  without  obstruction 
from  ice,  without  regard  to  tides,  and  without  the  aid 
of  tow-boats  or  necessity  of  pilotage.* 

*  Lieut.  Maury,  speaking  of  the  relative  merits  of  commercial  harbois,  and  of  the 
roadstead  in  the  vicinity  of  which  the  deep  water  terminus  of  the  Chesapeake  and 
Onio  Railway  will  be  located,  gives  the  depth  of  water  that  can  be  carried  out,  and 
distance  fiom  the  open  sea  of  the  Principal  harbors  on  the  Atlantic  coast,  as  follows: 

Hampton  Roads,  distant  15  miles — depth  28  feet, 


New  Y ork, 

“  30  “ 

3% 

fathoms,  23 

Boston, 

“  100  “ 

33* 

“  21 

Philadelpnia. 

“  100  u 

3M 

“  23 

Baltimore, 

“  160  “ 

2 % 

“  16 

And  says:  “  Between  the  three  last  and  the  sea  there  is  a  tedious  bay  navigation,  but 
“  each  of  the  first  two  is  situated  upon  a  well  sheltered  harbor,  that  opens  right  out  upon 
“  the  sea,  with  beautiful  offings,  those  of  Hampton  Roads  surpassing  the  others  in  all 
“  the  requirements  of  navigation,  both  as  to  facility  of  ingress  and  egress,  certainly  of 
“  land  fall,  depth  of  water,  and  holding  ground.” 


7 


Chesapeake  and  Ohio  Railway. 

Newport  News  is  150  miles  nearer  the  open  sea  than 
Baltimore,  85  miles  nearer  than  Philadelphia  or  Boston, 
and  15  miles  nearer  than  New  York  ;  and  its  harbor 
(Hampton  Roads)  is  the  favorite  resort  and  rendezvous 
for  vessels  seeking  or  awaiting  freights. 

Coastwise  or  foreign  bound  vessels  can  enter  at  New¬ 
port  News,  load  with  grain,  coal,  lumber,  oil  and  other 
products  of  the  interior,  and  get  500  miles  to  sea  on  their 
voyage  to  destination,  during  the  time  in  which  a  vessel 
could  ordinarily  work  her  way  from  Hampton  Roads  up 
the  Chesapeake  Bay  to  Baltimore,  load,  and  get  back  to 
the  Capes  of  Virginia. 

Western  Connections. 

The  road  has  its  principal  Ohio  River  terminus  at 
the  City  of  Huntington,  150  miles  above  Cincinnati  and 
815  miles  below  Pittsburgh.  Until  the  rail  connections 
west,  now  in  progress,  are  completed,  its  Western  connec¬ 
tions  are  made  at  this  point  by  means  of  steamboat  and 
barge  transportation  on  the  Ohio  River,  which  will 
always  afford  an  important  contribution  to  its  traffic. 

The  Elizabethtown,  Lexington  and  Big  Sandy 
Railroad  has  been  recently  completed  from  the  junction 
with’ the  Chesapeake  and  Ohio  at  the  Big  Sandy  River, 
8  miles  below  Huntington,  to  Ashland,  Kentucky,  on 
the  Ohio  River,  15  miles  below  Huntington,  and  trains 
are  now  running  to  that  point. 

The  distances  intervening  between  Ashland  and  rail 
connections  west  are  as  follows,  viz.  : 

From  Ashland  to  Portsmouth,  Ohio,  on  the  north  bank 
of  the  Ohio  River,  where  connection  will  be  made  with 
the  Scioto  \ralley  Railroad  for  Chillicothe,  Columbus, 
Toledo,  Chicago,  and  the  Northwest,  about  38  miles. 
Parties  interested  in  the  Scioto  Valley  Railroad  are  now 


8  Chesapeake  and  Ohio  Railway. 

building  a  railroad  from  Portsmouth  to  a  point  opposite 
Ashland,  to  form  a  connection  with  the  Elizabethtown, 
Lexington  and  Big  Sandy  and  the  Chesapeake  and  Ohio, 
which  will  be  completed  within  three  months. 

From  Portsmouth  to  Cincinnati,  about  110  miles. 

From  Ashland  to  Cincinnati,  by  either  the  Kentucky 
or  Ohio  bank  of  the  river,  about  140  miles. 

The  Elizabethtown,  Lexington  and  Big  Sandy 
Railroad  Company  was  organized  under  a  charter  from 
the  State  of  Kentucky,  for  the  purpose  of  building  a 
road  from  a  junction  with  the  Chesapeake  and  Ohio  at 
the  Big  Sandy  River,  near  where  it  empties  into  the 
Ohio,  eight  miles  below  Huntington,  to  Lexington, 
Kentucky,  where  it  will  connect  with  the  Louisville, 
Cincinnati  and  Lexington  Railroad  for  Louisville,  St. 
Louis  and  the  South  West,  with  the  Kentucky  Central 
and  the  Cincinnati  Southern,  northward  to  Cincinnati, 
and  southward  to  Chattanooga. 

Thirty-three  miles  of  this  road,  from  Lexington 
eastward  to  Mount  Sterling,  were  built  in  1878.  In 
the  month  of  June  last  the  remainder  of  the  road  was 
put  under  contract,  and  the  route  via  Ashland,  Ken¬ 
tucky,  determined  upon  ;  since  which  time  the  road  has 
been  completed  from  the  Big  Sandy  River  to  Ashland, 
as  above  stated,  from  which  point  there  are  14  miles 
more  of  completed  road  to  Rush  Station,  leaving  75 
miles  to  be  completed  to  perfect  the  through  connection, 
all  of  which  is  in  process  of  rapid  construction. 

With  the  completion  of  the  above  link  the  Chesapeake 
and  Ohio  Railway  will  become  a  great  trunk  line,  having 
decided  advantages  in  grades  and  climate  over  the  older 
east  and  west  lines  ;  and  also  in  distances  from  nearly 
all  important  points  west  of  the  Alleghenies  to  the  sea- 


9 


Chesapeake  and  Ohio  Railway. 

board,  and  from  all  points  south  and  west  of  Cincinnati 
and  St,  Louis  to  Washington,  Baltimore,  Philadelphia, 
New  York  and  Boston. 

The  Springfield,  Jackson  and  Pomeroy  Railroad  Co. 
have  recently  changed  their  road  (formerly  narrow 
gauge)  from  Springfield  to  Jackson,  Ohio,  to  the  stand¬ 
ard  gauge,  and  propose  extending  it  down  Symmes 
Creek  to  the  Ohio  River,  opposite  Huntington,  to  con¬ 
nect  with  the  Chesapeake  and  Ohio,  making  a  short  line 
to  Chicago  and  the  North-West  via  Springfield  and 
Dayton.  • 

The  Chesapeake  and  Ohio  Railway  Co.  has  a  fran¬ 
chise  for  bridging  the  Ohio  River  at  Huntington. 

The  Ohio  and  West  Virginia  Railroad  Co.  are 
rapidly  completing  their  road  from  Logan,  Ohio,  where 
it  intersects  the  Hocking  Valley  Railroad,  to  Gallipolis 
on  the  Ohio  River,  near  the  mouth  of  the  Kanawha, 
about  *40  miles  above  Huntington,  and  about  35  miles 
from  Scary  on  the  line  of  the  Chesapeake  and  Ohio, 
from  whence,  by  a  favorable  route  along  the  Kanawha 
River,  connection  may  be  made  via  the  Ohio  and  West 
Virginia,  the  Hocking  Valley  and  the  Columbus  and 
Toledo,  forming  a  short  low  grade  line,  to  Toledo  and 
the  North-West. 

Distances,  Grades,  &c. 

The  grades  on  the  Chesapeake  and  Ohio  Railway  do 
not  at  any  point  reach  eighty  feet  to  the  mile,  and, 
except  for  short  distances  at  one  or  two  points,  do  not 
exceed  sixty  feet.  Prom  the  Ohio  River  coming  East 
the  summit  of  the  Alleghenies  is  reached  with  an  average 
grade  of  ten  feet  to  the  mile  and  a  maximum  grade  of 
twenty-nine  feet. 


io  Chesapeake  and  Ohio  Railway. 

Table  showing  comparative  distances  between  Atlantic  Ports 
and  Principal  Western  Railroad  Centres,  by  the  CHESA¬ 
PEAKE  AND  OHIO  RAILWAY,  and  its  projected  connec¬ 
tions,  AND  BY  THE  OTHER  TRUNK  LINES. 


MILES  FROM  PORT  OF 

To  Cincinnati. 

To  Louisville. 

To  St.  Louis. 

To  Memphis. 

To  Nashvville. 

c 

c/T 

g 

i 

0 

0 

S 

To  Indianapolis. 

To  Chicago. 

Richmond,  via  Ches.  and  Ohio - 

573 

643 

9^3 

1020 

828 

564 

688  832 

Baltimore,  via  Balt,  and  Ohio  ... 

• 

589 

696 

929 

IO73 

88l 

513 

705'  839 

Philadelphia,  via  Penn.  R.  R  ... 

668 

778 

964 

1155 

963 

548 

736:  823 

New  York,  via  Erie  Railway  ... 

861 

988 

1201 

1365 

ii73 

755 

935  983 

New  York,  via  N.  Y.  Central  ... 

883 

940 

1144 

1393 

1176 

761 

830  980 

Boston,  via  N.  Y.  Central - .... 

941 

998 

1202 

1426 

1234 

829 

00 

CO 

0 

M 

CO 

OO 

CO 

Table  showing  the  distances  between  Washington  and  Western 
cities  via  The  Chesapeake  and  Ohio,  with  its  proposed  con¬ 
nections  AND  OTHER  ROUTES. 


DISTANCE  FROM  WASHINGTON,  VIA 

To  Cincinnati. 

To  Louisville. 

To  Memphis. 

To  Nashville. 

To  .St.  Louis. 

To  Chicago. 

Chesapeake  and  Ohio  Railway  .  . . 

593 

663 

J  ! 

1,040  848  933  852 

Baltimore  and  Ohio  Railroad . 

567 

670 

1,047  855  903  813 

Pennsylvania  Central  Railroad.... 

646 

753 

1. 130  938  989  842 

About  350  miles  of  the  main  track  are  laid  with  steel 
rails,  and  the  iron  rails  on  the  remainder  are  being  re¬ 
placed  with  steel,  out  of  the  current  revenues  of  the 
road,  as  fast  as  renewals  become  necessary. 

It  is  contemplated  to  renew  the  entire  track  with  steel 


Chesapeake  and  Ohio  Railway.  1 1 

# 

rails  during  the  next  year,  after  which  the  average  an¬ 
nual  charge  for  maintenance  of  way  will  be  much  less 
than  at  any  time  since  the  completion  of  the  road. 

The  cost  of  relaying  the  track  with  steel  rails  has 
been  paid  entirely  out  of  the  earnings  of  the  road,  and 
included  in  the  operating  expenses. 

The  amounts  paid  out  and  charged  to  operating  ex¬ 
penses  for  new  steel  rails  during  each  of  the  last  four 
fiscal  years  have  been  as  follows,  viz  :  For  the  year  end¬ 
ing  Sept.  30,  1877,  195,358,71;  1878,  $82,570,54;  1879, 
$177,140,07  ;  1880,  $206,723.49,  a  large  proportion  of 
which,  as  well  as  of  the  cost  of  fastenings  and  laying 
(which  has  also  been  charged  into  the  current  operating- 
expenses)  may  be  considered  as  extraordinary  expenses 
in  excess  of  the  average  annual  cost  of  renewals  after 
the  whole  road  has  once  been  laid  with  steel  rails. 

The  advantages  in  climate  of  the  Chesapeake  and 
Ohio  over  lines  further  north  or  south  are  important, 
and  render  it  a  superior  route  both  for  passengers  and 
freight  at  all  seasons  of  the  year.  Its  trains  are  never 
obstructed  or  delayed  by  snow,  and  the  heat  in  summer 
is  never  sufficiently  intense  or  long  continued  to  be  in¬ 
jurious  to  any  class  of  freight. 

Summary  of  Connections. 

The  present  connections  of  the  Chesapeake  and 
Ohio  Railway  are,  at  the  western  end,  with  the 
Elizabethtown,  Lexington  and  Big  Sandy  Railroad,  as 
above  described  ;  with  the  Cincinnati,  Big  Sandy  and 
Pomeroy  Packet  Company’s  line  of  boats,  and  with  the 
tonnage  generally  of  the  Ohio  River  in  steamboats  and 
barges,  to  Cincinnati,  and  to  all  points  and  railroad  con¬ 
nections  on  the  Ohio  and  Mississippi  Rivers  ;  and,  at  the 


12  Chesapeake  and  Ohio  Railway. 

east,  with  the  Old  Dominion  Steampship  Company’s  Line 
of  Steamers  to  New  York  ;  with  the  Richmond  and  Dan¬ 
ville  Railroad,  and  the  Richmond  and  Petersburgh,  and 
Atlantic  Coast  line,  to  points  South  and  Southeast  ;  and 
with  steamers  and  sailing  vessels  for  coastwise  and 
foreign  shipment. 

It  also  has  connection  with  the  Washington  City,  Vir¬ 
ginia  Midland  and  Great  Southern  Railroad  at  Charlottes¬ 
ville  for  Lynchburg  and  the  South,  and  at  Gordonsville 
for  Washington  and  the  North,  and  with  the  Baltimore 
and  Ohio,  via  the  Valley  Road  and  Harper’s  Perry,  for 
Baltimore  and  the  North. 

The  Shenandoah  Valley  Railroad,  extending  from 
Waynesboro’,  Va.,  on  the  line  of  the  Chesapeake  and 
Ohio  to  Hagerstown,  Md.  (where  it  connects  with  the 
Cumberland  Valley  Railroad),  a  distance  of  143  miles, 
has  100  miles  finished,  and  track  laying  is  progress¬ 
ing  rapidly  on  the  balance,  which  is  nearly  all  graded. 
It  is  expected  that  this  road  will  be  completed  and  in 
operation  through  from  Waynesboro’  to  Hagerstown  in 
January  next,  when  it  will  form  a  new  anj  important 
connection  to  the  Chesapeake  and  Ohio,  and  open  the 
way  to  a  new  through,  all-rail  freight  and  passenger 
line,  from  the  West  and  South  West  via  the  Reading 
and  Central  Railroad  of  New  Jersey,  to  New  York  City, 
also  to  Philadelphia  via  the  Reading,  and  to  Baltimore 
via  the  Western  Maryland. 

Resources  and  Advantages  for  Local  and  Through 

Traffic. 

Among  the  chief  resources  on  the  line  of  the  road  for 
local  business  are  Coal,  Iron  and  Lumber,  of  which  the 
quantities,  qualities  and  varieties  are  probably  un¬ 
equalled  by  those  on  the  line  of  any  other  railroad  in  the 
country,  and  which  can  be  cheaply  produced  and  trans¬ 
ported  to  market. 


Chesapeake  and  Ohio  Railway.  13 

A  rapidly  increasing  business  is  being  developed  in 
these  products,  which  will  be  greatly  facilitated  and  en¬ 
larged  by  the  completion  of  rail  connections  west, 
and  by  the  construction  of  the  road  from  Richmond  to 
Newport  News. 

The  Coals  are  of  the  bituminous  and  semi-bitumin¬ 
ous  character,  viz.  :  Cannel,  Splint,  Gas  and  pure  bitu¬ 
minous  Steam  Coals,  and  are  of  superior  character  and 
quality  for  use  in  the  various  mechanic  arts  for  which 
they  are  severally  adapted. 

The  Iron  Ores  comprise  nearly  all  the  varieties  used 
in  the  manufacture  of  iron  and  steel,  and  the  deposits 
are  of  unusual  magnitude.  Since  the  recent  revival  in 
the  iron  trade  and  advance  in  the  price  of  iron,  attention 
has  been  attracted  anew  to  the  facilities  for  iron  manu¬ 
facture  on  the  line  of  the  Chesapeake  and  Ohio  Railway, 
and  several  new  furnaces  and  kindred  enterprises  are 
now  in  progress  of  construction  and  preparation. 

The  Low  Moor  Iron  Company  have  constructed 
during  the  past  year,  and  recently  put  in  blast,  one  of 
the  largest  and  best  equipped  iron  furnaces  in  the 
United  States. 

It  has  been  demonstrated  beyond  question  by  actual 
working,  and  is  now  universally  conceded  by  iron  ex¬ 
perts  who  have  examined  into  the  matter,  that  iron  can 
be  manufactured  on  the  line  of  this  road,  and  put  into 
the  prominent  markets,  at  a  lower  cost  than  in  any  other 
part  of  the  country. 

The  Lumber  consists  of  Oak,  Yellow  Poplar,  Black 
Walnut,  Hickory,  Cherry,  Sycamore,  Pine  and  other 
varieties  in  demand  for  use  in  large  quantities,  of  which 
there  are  virgin  forests  of  great  extent  on  the  line  of  the 
road  and  tributary  streams.  ■ 


14  Chesapeake  and  Ohio  Railway. 

The  sections  of  country  which  it  traverses,  and  which 
it  will  directly  reach  through  its  western  connections, 
will  supply  a  large  trade  in  agricultural  products  and 
live  stock. 

The  road  has  had  a  considerable  business  in  trans¬ 
porting  refined  and  crude  Petroleum  for  direct  export 
from  Richmond,  the  oil  being  brought  from  Pittsburgh 
and  vicinity  in  barges  to  Huntington,  where  oil  tanks 
have  been  erected  for  the  accommodation  of  this  trade, 
and  from  thence  transported  over  the  Chesapeake  and 
Ohio  Railway  and  loaded  into  foreign  vessels  at  Rich¬ 
mond  and  points  below.  By  the  completion  of  the  road 
to  Newport  News  this  trade  may  be  greatly  facilitated 
and  largely  increased. 

A  large  through  tonnage  of  the  products  of  the  Ohio 
and  Mississippi  valleys  will  be  drawn  over  the  Chesa¬ 
peake  and  Ohio  Railway  for  shipment  from  Newport 
News,  when  the  route  is  completed  as  contemplated. 
For  the  tobacco,  hemp,  grain,  live  stock,  provisions,  etc., 
of  Kentucky,  and  the  country  tributary  to  the  Ohio,  as 
well  as  for  the  cotton  of  the  Southwestern  States,  it  will 
be  the  natural  short  route  to  the  sea ;  while  it  will  afford 
to  the  breadstuff s  of  the  Northwest  an  uninterrupted 
and  economical  outlet,  at  all  seasons  of  the  year,  over 
light  grades  and  through  an  equable  climate,  to  the 
most  favorable  shipping  point  on  the  Atlantic  coast ; 
where  the  cost  and  delay  in  transhipment  will  be  re¬ 
duced  to  the  minimum  ;  where  expensive  transfers  will 
be  avoided  ;  and  where  the  entrance  and  exit  can  be 
effected  with  an  ease  and  facility  to  which  no  other  port 
can  offer  a  parallel. 

The  superiority  of  Hampton  Roads  as  a  harbor,  by 
reason  of  its  easy  approach  from  the  sea,  its  accessi¬ 
bility  at  all  seasons  of  the  year,  its  safe  anchorage,  and 


Chesapeake  and  Ohio  Railway.  15 

its  wide  expanse  of  waters  of  varying  depths  adapted:  to 
all  classes  of  vessels,  has  long  been  well  known  and 
appreciated  by  mariners  and  vessel  owners,  by  whom 
the  establishment  of  a  shipping  port  at  Newport  News 
will  be  hailed  with  satisfaction. 

Numerous  Medicinal  Springs  and  places  of  Summer 
Resort  are  situated  on  and  near  the  line  of  the  road, 
among  them  the  Greenbrier  White  Sulphur  Springs,  the 
travel  to  which  is  constantly  increasing  from  all  parts  of 
the  country,  and  will  be  still  further  largely  increased, 
especially  from  the  west,  by  the  extension  of  rail  con¬ 
nections.  Several  of  these  valuable  resorts  have  re¬ 
cently  passed  into  the  hands  of  capitalists,  who  are 
making  extensive  improvements  for  the  accommodation 
of  visitors. 

Equipment. 

The  present  equipment  of  the  road  is  as  follows,  viz  : 

Locomotives,  88  ;  Cars  of  all  kinds,  3,182,  including  Passenger  Cars, 
31  ;  Parlor  Cars,  1  ;  Sleeping  Cars,  4;  Officers’  Cars,  2  ;  Pay  Cars,  1  ; 
Baggage,  Mail  and  Express  Cars,  15  ;  Fast  Freight  Cars,  42  ;  Box 
Freight  Cars,  828  ;  Eight-wheel  Coal  Hoppers,  659  ;  Four-wheel  Coal 
Hoppers,  311  ;  Jimmies,  241  ;  Gondolas,  Plain,  290,  Hopper  Bottom, 
280  ;  Platform  Cars,  126  ;  Stock  Cars,  in  ;  Coke  Cars,  20  ;  Conductors’ 
Cars,  55  ;  Shanty  Cars  for  laborers,  25  ;  Derrick  Cars,  3  ;  Gravel  Flat 
Cars,  137. 

In  addition  to  the  above  : — 50  Box  Cars,  20  Hopper  Bottom  Gondolas 
and  4  Locomotives  contracted  for  and  not  yet  delivered. 


Capital  Stock  and  Bonded  Debt. 

The  Capital  Stock  and  Bonded  Debt  of  the  Company 
are  as  follows,  viz.  (Sep.  30,1880): 

capital  stock. 

First  Preferred  Stock,  ------  6,347,803  00 

Second  Preferred  Stock,  ------  7,646,315  00 

Common  Capital  Stock,  ------  15,906,138  02 


1 6  Chesapeake  and  Ohio  Railway. 

‘The  Company  is  authorized  to  issue  such  additional 
amounts  of  First  Preferred  and  Second  Preferred  Stock 
as  may  be  necessary  for  the  payment  of  future  interest 
on  the  Six  per  Cent.  Mortgage  Gold  Bonds  of  1908,  Series 
B,  and  on  the  Six  per  Cent.  Mortgage  Currency  Bonds  of 
1918,  until  the  same  becomes  payable  in  money,  as  pro¬ 
vided  in  the  mortgages,  and  as  hereinafter  described, 
and  the  issue  of  each  is  strictly  limited  to  the  amounts 
required  for  these  purposes  respectively. 

BONDED  DEBT.  (Sep.  30,  1880.) 

Sundry  obligations  issued  on  account  of  the  purchase 
money,  representing  prior  liens  existing  on  portions 
of  the  property  at  the  time  of  purchase,  -  -  -  1,042,719  61 

Purchase  Money  Funding  Bonds,  issued  in  lieu  of  a 
like  amount  of  the  original  indebtedness  of  the 
above  character  previously  paid  off,  -  998,000  00 

Total  prior  lien  indebtedness  outstanding,  -  $2,040,719  61 

The  Purchase  Money  Funding  Bonds  are  dated  July  1, 

1878  ;  payable  twenty  years  after  date  with  interest 
at  the  rate  of  Six  per  Cent,  per  annum,  payable  Jan¬ 
uary  1  and  July  1,  in  gold  coin  in  the  City  of  New 
York  ;  and  are  authorized  to  be  issued  for  the  pur¬ 
pose  of  funding  the  above  purchase  money  obliga¬ 
tions,  or  in  lieu  <5f  the  same  as  they  are  paid  off  and 
cancelled. 


The  deed  of  trust  by  which  the  foregoing  indebted¬ 
ness  is  secured  is  the  first  lien  upon  all  the  property  and 
franchises  of  the  Company  ;  and  the  aggregate  amount 
secured  by  it,  including  the  original  purchase  money 
obligations  and  the  Purchase  Money  Funding  Bonds 
combined,  cannot*  at  any  time  exceed  the  sum  of 
$2,350,000. 

Six  perCent.  Mortgage  Gold  Bonds  of  1908,  Series  B, 
dated  J uly  1,  1878,  payable  J uly  1,  1908.  Interest  six 
per  cent,  per  annum,  payable  on  the  first  days  of 
May  and  November  in  each  year  in  the  City  of  New 
York,  -  --  --  --  --  -  $15,000,000 


i  7 


Chesapeake  and  Ohio  Railway. 


Interest  payable  as  follows,  viz.  :  November  i,  1878, 
and  for  three  years  thereafter,  in  the  First  Preferred 
Stock  of  the  Company  ;  for  the  fourth  year,  three  per 
cent,  in  first  preferred  stock,  and  three  per  cent,  in 
gold  coin  ;  for  the  fifth  year,  two  per  cent,  in  first 
preferred  stock  and  four  per  cent,  in  gold  coin  ;  for 
the  sixth  year  and  thereafter  wholly  in  gold  coin  ;  the 
company  having  the  right  to  commence  the  pay¬ 
ment  of  interest  in  gold  coin  sooner,  or  to  pay  interest 
in  greater  proportion  in  gold  coin  at  any  period,  than 
above  specified,  whenever  the  revenues  of  the  road 
will  permit.  Secured  by  a  mortgage  upon  the  entire 
railroad,  property  and  franchises  of  the  Company, 
executed  to  the  Central  Trust  Company  of  New 
York,  Trustee,  dated  July  1,  1878,  subject  to  the 
prior  lien  for  the  purchase  money  above  described. 

(The  mortgage  by  which  the  above  described  bonds 
are  secured  provides  also  for  the  issue  of  $2,000,000  of 
bonds,  to  be  known  as  “Six  per  cent,  mortgage  gold 
bonds  of  1908,  Series  A,”  payable  July  1,  1908,  interest 
payable  on  the  first  day  of  April  and  October  in  each  year 
in  gold  coin,  having  equality  of  lien  on  the  main  line  of 
the  road  with  the  bonds  of  Series  B,  in  addition  to  which 
the  lien  of  the  bonds  of  Series  A  will  be  extended  over  the 
new  line  from  Richmond  to  Newport  News,  and  the 
wharves,  warehouses,  and  other  terminal1  property  of  the 
Company  connected  therewith. 

The  Bonds  of  Series  A  are  reserved  for  extending  and 
improving  the  railroad  and  property  of  the  Company, 
and  will  be  issued  only  as  they  are  required,  and  can 
be  used  to  advantage,  for  these  purposes,  and  the  in¬ 
terest  thereon  is  payable  in  money  from  the  date  of  their 
issue.) 

Amount  of  Series  A  Issued,  Outstanding,  and  Sub- 

SCRIBED  FOR, . -  $1,241,000 

Six  per  Cent.  Currency  Bonds  of  1918,  dated  July  1, 

1878,  payable  July  1,  1918.  Interest  payable  on  the 
first  day  of  January  and  July  of  each  year  in  the  City 
of  New  York, 


$10,122,500 


1 8  Chesapeake  and  Ohio  Railway. 

Interest  payable  as  follows,  viz.  :  For  the  first  six 
years  in  Second  Preferred  Stock  of  the  Company  ; 
for  the  seventh  year,  four  per  cent,  in  second  pre¬ 
ferred  stock  and  two  per  cent,  in  lawful  money  of 
the  United  States  ;  for  the  eighth  year,  two  per  cent, 
in  second  preferred  stock  and  four  per  cent,  in 
money  ;  and  for  the  ninth  year  and  thereafter  wholly 
in  money,  provided  the  revenues  are  sufficient  for 
the  purpose  after  the  payment  of  operating  expenses, 
and  providing  for  the  necessary  maintenance  and 
equipment  of  the  road,  and  the  interest  on  bonds 
secured  by  prior  mortgages  ;  all  interest  not  paid  in 
money  to  be  paid  in  Second  Preferred  Stock  ;  the 
Company  having  the  right  to  commence  the  payment 
of  interest  in  money  sooner,  or  to  pay  interest  in 
larger  proportion  in  money  at  any  time,  than  as 
above  specified,  whenever  the  revenues  of  the  road 
will  permit.  Secured  by  a  mortgage  executed  to 
Alexander  B.  Green  and  Isaac  E.  Gates,  Trus¬ 
tees,  dated  July  i,  1878,  on  the  entire  road,  property, 
and  franchises  of  the  Company,  subject  to  the  liens 
above  described. 


The  route  of  the  Chesapeake  and  Ohio  Railway  with 
its  existing  and  projected  connections,  can  be  traced  on 
any  good  railroad  map  of  the  United  States  ;  or  maps 
can  be  obtained  at  our  office,  or  at  the  office  of  the 
Company,  No.  9  Nassau  Street. 

When  the  plans,  referred  to  in  the  foregoing  pages, 
for  building  the  road  to  Newport  News,  and  for  making 
direct  rail  connections  West,  are  carried  out,  as  they  are 
expected  to  be  within  the  next  six  months,  the  Chesa¬ 
peake  and  Ohio  Railway,  with  its  obvious  advantages 
of  grades,  climate,  distances  and  terminal  harbor  facili¬ 
ties,  must  become  one  of  the  most  important  of  the  great  . 
East  and  West  trunk  lines,  and  command  a  correspond¬ 
ing  proportion  of  the  business. 

As  showing  the  steady  increase  in  the  business  of  the 
road,  even  during  the  recent  period  of  depression,  we 


Chesapeake  and  Ohio  Railway.  19 

give  on  page  21  a  table  showing  the  tonnage,' the  rates  per 
ton  per  mile,  and  the  earnings  and  expenses  for  each 
fiscal  year  since  Oct.  1,  1873.  It  will  be  seen  that  while 
the  tonnage  has  largely  increased  each  year,  the  increase 
has  not  heretofore  fully  appeared  in  the  earnings,  for 
the  reason  that  the  rates  per  ton  per  mile  have  until  the 
last  year  steadily  decreased,  as  in  the  case  of  all  the 
other  transportation  lines,  until  the  greatest  point  of 
depression  was  reached  in  the  year  ending  Sept.  30, 
1879. 

The  increase  in  the  actual  tonnage  hauled  from  the 
fiscal  year  ending  Sept.  30,  1874,  to  that  ending  Sept. 
30th,  1879,  was  125  per  cent — an  average  rate  of  in¬ 
crease  of  over  20  per  cent,  per  annum.  The  increase 
for  the  year  ending  Sept.  30, 1880,  has  been  37i  per  cent., 
derived  wholly  from  the  same  sources  of  business,  with¬ 
out  any  increase  in  the  mileage  operated  or  in  the  terri¬ 
tory  reached.  As  the  development  of  the  local  business 
of  the  road  and  of  the  products  and  industries  along  its 
line  are  still  in  their  infancy,  it  cannot  be  doubted  that, 
with  the  increased  activity  and  prosperity  which  are 
likely  to  characterize  the  ensuing  seven  years,  and  with 
the  contemplated  rail  connections  and  improved  terminal 
facilities,  a  still  greater  ratio  of  increase  can  be  counted 
upon. 

Rates  have  materially  improved  daring  the  past  year, 
and  with  the  increase  of  business,  which  is  now  crowding 
the  various  lines  of  transportation,  and  the  consequent 
cessation  of  the  sharp  competition  of  the  past  few  years, 
they  are  likely  to  continue  to  increase  until  they  ap¬ 
proximate  those  of  former  times;  and  that  they  will 
very  soon  reach,  and  maintain  for  years  to  come,  at 
least  the  average  of  the  past  seven  years,  on  the  Chesa¬ 
peake  and  Ohio,  is  not  improbable.  This  average,  as 
showm  by  the  accompanying  table,  has  been  about  l-fVV 


20  Chesapeake  and  Ohio  Railway. 

cents  per  ton  per  mile,  at  which  very  moderate  rate  the 
revenues  of  the  road  for  the  past  fiscal  year,  with  the 
tonnage  actually  carried,  would  have  been  over 
$3,10O,OUO. 

It  will  thus  be  seen  that,  notwithstanding  the  un¬ 
favorable  conditions  which  have  prevailed  during  most 
of  the  time  for  the  past  seven  years,  the  road  has  already, 
without  rail  connections  West  or  deep-water  terminal 
facilities  at  this  end,  accumulated  a  tonnage,  the  results 
of  which,  owing  to  the  concurrent  reduction  in  rates, 
have  not  as  yet  been  fully  exhibited  in  a  corresponding 
increase  of  earnings  ;  but  which  would,  without  any  in¬ 
crease,  and  with  only  a  moderate  advance  in  rates,  yield 
a  net  revenue  of  over  $1,200,000,  or  more  than  sufficient 
to  pay  the  interest  in  money  on  the  $15,000,000  Series  B 
Bonds,  after  providing  for  the  interest  on  the  Purchase 
Money  Funding  Bonds  and  the  Bonds  of  Series  A,  if 
the  same  were  all  outstanding. 

We  look  for  a  steadily  increasing  tonnage  from  this 
time  forward,  and  a  corresponding  increase  in  earnings ; 
and  believe  that,  with  the  completion  of  its  Western 
and  deep  water  connections,  the  Chesapeake  and  Ohio 
Railway  will  show  results  which  will  afford  the  most 
satisfactory  evidence  of  its  ability  to  pay  the  interest  on 
its  bonded  indebtedness,  and  in  time  good  dividends  to 
its  stockholders. 


Note. — Included  in  the  “  Operating  Expenses”  for  the  fiscal  year  ending  September  30,  1880,  is  the  sum  of  $206, 723.49,  for 
steel  rails  and  $23,607.50  for  fastenings  used  in  laying  the  same,  making  a  total  of  $230,320.99,  which  should  be  considered  as 
extraordinary  expenses.  Deducting  this  amount  would  show  a  net  revenue  for  the  year  of  $799,609.84  over  operating  expenses 
proper. 


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